Employees Want Help to Get in Control of Retirement Savings

April 4, 2011 (PLANSPONSOR.com) – A study by the ING Retirement Research Institute found less than half of respondents (48%) indicated that they feel “in control” of their retirement plan investments.

The study, “Shedding Light on Retirement,” also found that while consumers want control and empowerment of their money, the expectation is that their employers, advisers and financial providers will help guide them.   

According to a press release, 89% of respondents want help allocating their investments, and 86% want guidance calculating their financial needs in retirement, with nearly as many (84%) saying that they want solutions for calculating and creating retirement income.  

The study also highlighted that consumers seek this direction in a set of tools and services that enable them to develop clear and actionable short- and long-term goals. More than three-quarters of Americans (80%) said they found it important to seek specific tools and services to provide advice on how to calculate financial needs for retirement.   

Other areas where Americans found specific tools and services to be important included providing advice on how to allocate retirement savings (79%) and providing an annual “financial checkup” to set and measure progress (78%).  

“Consumers also value the control to make their own retirement-planning decisions but want detailed instructions on how to accomplish their financial objectives,” said Lynne Ford, CEO of ING Individual Retirement, in the press release.   

The quantitative and qualitative study of more than 2,600 Americans was conducted by the Boston Consulting Group.